Legal Question in Credit and Debt Law in New York

defaulted on car lease
i renwed my lease in 97 and never ade any payments cause ex promise to do so and pay off aafter that but i found out he never did and i had the car in garage for 7 years and never register it now after 7 years a collection company contacted me and try to make settlement on it took 50 percent off bal ff 29.000 mking it 15,ooo now there are asking me for the money and will give me a release on all claims then title to follow to owership
someone tells me that they have no right to it its now mine cause they had a certain time to have sued me is this true how do i become legal owner must the money be paid in order for me to get title they sent me a release of all claims and if its true they need to get there money then is it true once i give it i wil get clearance of title thank you i need some advise asap cause i dont have time they r pressuring e to settle by this frin the 3 of sept

Asked on 8/30/04, 9:03 am

2 Answers from Attorneys

Guy Lewit Guy Mitchell Lewit, Esq.

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Re: defaulted on car lease

You have to review the agreement you signed. If the payments are to take place over a period of years the creditor has a period of years from when the last payment was due to sue you, though it is not easy to know for how much. You said you cannot register the car unless you pay something...you have to decide whether you think it is worthwhile to pay $15000 for a 10 year old car (that has not run in 7 years!!!) or abandon it and buy somehting new for the $15000. You still have to respond to a SUMMONS and COMPLAINT if one is served on you...if you don't they can get a judgment for the full amount...If you give them ANY money at all, they can then sue you for the FULL AMOUNT you probably owe. If you dcide to deal with them make sure you get a simple agreement IN WRITING so they dont trick you. AFter all, they do this all the time and you don't.

Answered on 8/31/04, 2:27 am

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